Fifth Third Bancorp (FITB) Shares Bought by State Treasurer State of Michigan

State Treasurer State of Michigan lifted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 18.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 221,849 shares of the financial services provider’s stock after buying an additional 34,145 shares during the period. State Treasurer State of Michigan’s holdings in Fifth Third Bancorp were worth $5,595,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Trust Department MB Financial Bank N A acquired a new stake in Fifth Third Bancorp in the 1st quarter valued at $10,833,000. Legal & General Group Plc increased its holdings in Fifth Third Bancorp by 4.1% in the 3rd quarter. Legal & General Group Plc now owns 3,362,439 shares of the financial services provider’s stock valued at $93,883,000 after purchasing an additional 131,059 shares in the last quarter. Sanders Capital LLC increased its holdings in Fifth Third Bancorp by 59.6% in the 4th quarter. Sanders Capital LLC now owns 17,818,885 shares of the financial services provider’s stock valued at $468,179,000 after purchasing an additional 6,653,168 shares in the last quarter. Lord Abbett & CO. LLC increased its holdings in Fifth Third Bancorp by 0.7% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,256,200 shares of the financial services provider’s stock valued at $29,558,000 after purchasing an additional 9,200 shares in the last quarter. Finally, Advisor Partners LLC increased its holdings in Fifth Third Bancorp by 14.4% in the 4th quarter. Advisor Partners LLC now owns 27,926 shares of the financial services provider’s stock valued at $657,000 after purchasing an additional 3,507 shares in the last quarter. Institutional investors and hedge funds own 84.28% of the company’s stock.

Shares of Fifth Third Bancorp stock opened at $27.38 on Thursday. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $19.83 billion, a PE ratio of 10.78, a price-to-earnings-growth ratio of 1.26 and a beta of 1.36. Fifth Third Bancorp has a 1-year low of $22.12 and a 1-year high of $34.53.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.04. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.67 billion. Fifth Third Bancorp had a return on equity of 11.77% and a net margin of 26.80%. During the same period last year, the firm earned $0.57 earnings per share. On average, analysts predict that Fifth Third Bancorp will post 2.77 EPS for the current fiscal year.

In other news, CAO Teresa J. Tanner sold 2,918 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $28.75, for a total transaction of $83,892.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Frank R. Forrest sold 26,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $26.37, for a total value of $685,620.00. Following the sale, the executive vice president now owns 62,974 shares of the company’s stock, valued at $1,660,624.38. The disclosure for this sale can be found here. Insiders have sold 84,727 shares of company stock valued at $2,302,901 over the last 90 days. Insiders own 0.40% of the company’s stock.

FITB has been the subject of several recent research reports. Sandler O’Neill upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. Zacks Investment Research upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a report on Tuesday, March 12th. Vining Sparks reiterated a “buy” rating and issued a $36.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, January 22nd. Raymond James set a $30.00 price target on Fifth Third Bancorp and gave the company a “buy” rating in a report on Wednesday, January 23rd. Finally, Jefferies Financial Group upgraded Fifth Third Bancorp from a “hold” rating to a “buy” rating in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $31.67.

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Fifth Third Bancorp Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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